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LIC Jeevan Lakshya Policy Terms and Conditions

Minimum age	18 years (Completed)
Maximum age	50 years
Maximum maturity age	65 years
Policy Term	13 years to 25years
Premium paying term	Policy term -3years
Minimum Sum Assured	Rs.1,00,000
Maximum Sum Assured	No limit
Premium payment mode	Yearly / Half yearly / Quarterly / Monthly (ECS)
Loan	Eligible after 2 years
Surrender	Eligible after 2 years
On Death	(i) Sum Assured (If chosen, Term Rider option) (ii) 10% of Sum Assured is paid every year till maturity of the policy term (iii) Future premiums are waived till maturity (iv) Sum Assured + Bonus is paid on the stipulated policy term
On Maturity	Sum Assured + Bonus + Final additional bonus
Income Tax Benefits	(i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Maturity amount/Death claim is Non-taxable u/s 10(10d)

LIC Jeevan Lakshya Plan Benefits

Death Benefit

When the death of the policyholder occurs before end of policy term, then the nominee will receive:

i. 10% of the Basic Sum Assured as an Annual Income Benefit from the next policy anniversary date to the policy anniversary date one year before the Maturity Date.

ii. A sum equivalent to 110% of the Sum Assured payable on maturity date.

iii. Simple Reversionary Bonus which has accumulated throughout the policy term payable on the Maturity Date

iv. Final Addition Bonus if declared by LIC payable on the Maturity Date

Maturity Benefit

As the maturity benefit of your plan, if the policy holder has paid all the premiums promptly, he/she will receive a lump sum cash value equaling the sum assured, simple reversionary benefit plus bonus upon the maturity of the policy.

Surrender Value

In the event that the policy is surrendered after a minimum of three years with all premiums paid on time, the policyholder can avail the guaranteed surrender value. The guaranteed surrender value is determined by adding up all the premiums paid up to that date.

Loan

A loan can be obtained by the policyholder once the full premium amount has been paid for a period of at least two years, and the policy has attained a surrender value.

Profit Participation

Being a participant in the policy, as a policyholder, you are eligible to receive profits from the insurance company. This eligibility entitles you to receive the Simple Reversionary Bonus and Final Additional Bonus, as declared by LIC. These bonuses will be paid to you either upon policy maturity or as the death benefit.

Income Tax Benefit

Tax benefits are applicable to all premiums paid on LIC Jeevan Lakshya policies LIC Tax Saving Plans under Sec. 80C of the Income Tax Act. Furthermore, the policyholder’s maturity amount is tax-free under Sec. 10D of the Income Tax Act.

Life Cover

If the unfortunate event of a policyholder’s death occurs:

i. According to the terms & conditions of the policy, LIC will pay out 10% of basic sum assured as annual income benefit on each anniversary date.

ii. At maturity, the assured amount equivalent of 110% of basic sum assured is paid on the policy anniversary

iii. Simple Reversionary Bonuses and Final Additional bonuses are also included in the death benefit.

iv. If the policy holder avails the New Term Assurance rider by paying an additional premium; a sum equivalent of the sum assured of the term assurance rider will be paid to the beneficiary.

Additional Benefits of LIC Jeevan Lakshya Plan

Riders

i. Benefit for Accidental Death and Disabilities
In accordance with the Accidental Death and Disability Rider Benefit, the beneficiary of the policy receives a one-time payment that is equivalent to the accidental rider benefit sum assured in the event of the insured person’s accidental death. The death benefit provided by the base plan is in addition to this sum.

The rider benefit sum assured is paid out over a ten-year period in equal monthly installments in the event of accidental disability. Moreover, all charges previously paid or to be paid in the future are postponed off.

ii. New Term Assurance Rider
The LIC New Term Assurance Rider can be selected when the policy is initiated. With this rider, the beneficiary will receive an additional term assurance sum assured amount in the unfortunate event of the policyholder’s demise during the policy tenure.

This rider option is available for a policy duration of 35 years or until the policyholder reaches 75 years of age, whichever comes first.

Bonus

i. Final Addition Bonus
The Final Addition Bonus is a bonus that is paid out upon the maturity or death of the policy.

ii. Simple Reversionary Bonus
In the event that you choose to surrender the policy during the policy period, a portion of the accrued bonus will be paid to you.

Frequently Asked Questions